Dubai-listed National Central Cooling Company (Tabreed) has entered into an agreement with Mubadala Infrastructure Partners (MIP) to acquire an additional 50 percent in the exclusive district cooling scheme at Abu Dhabi’s Maryah island.
In a filing to Dubai Financial Market, (DFM) the company said the total value of the acquisition was AED 311.5 million ($84.9 million)
The UAE-based regional utility giant now owns 100 percent of the 80,000-refrigeration tonne (RT) scheme, which supplies Al Maryah Island’s major entertainment, hospitality, retail, commercial and residential developments, according to statement from the company.
Tabreed will continue to operate the scheme on Al Maryah Island, home to Abu Dhabi General Market (ADGM), under a 30-year concession granted in 2014 by Al Sowwah Square Properties LLC, a wholly-owned subsidiary of Mubadala Investment Company.
CEO Khalid Abdullah al Marzooqi said: “Since the start of our operations at Al Maryah Island’s district cooling scheme in 2014, with the collaboration of our partners MIP, we have developed the scheme into an industry-leading model of efficiency and reliability, and we view our recent move to acquire the entire operation as the next logical step for our growth plans in Abu Dhabi.
The company said the deal is the fourth major acquisition for Tabreed in less than two years, following those in Emaar’s Downtown Dubai network, Aldar’s Saadiyat Island plant and the Masdar City district cooling scheme in Abu Dhabi.
Recently Tabreed divested its stake in JV firm Qatar Cool via a sale to United Development Company. According to a filing published on Dubai bourse, Tabreed sold its 44 percent stake at 417 million dirhams ($113.54 million)
(Writing by Imogen Lillywhite; editing by Seban Scaria)
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© ZAWYA 2021